SINGAPORE - Singapore-listed Yanlord Land Group yesterday said it would jointly acquire a residential site in Tianjin, China, with an affiliate of Government of Singapore Investment Corp Real Estate for 1.16 billion yuan ($224.8 million).
Yanlord and GIC Real Estate affiliate Reco Yizhong will acquire the 364,787 sq m site in the Jinnan District. Situated within the planned Tianjin Haihe Academic Park, the site has a plot ratio of up to 2.2 times and benefits from Tianjin government initiatives to develop the area into a 37 sq km educational district that will house over 200,000 students, 20 vocational institutes as well as campuses of renowned universities such as the Tianjin University and the Nankai University.
In 2012 and 2013, the Tianjin Haihe Academic Park will play host to the China University Games and the East Asia Games.
"This latest acquisition is our third project in Tianjin and a continuation of our strategic initiative to further expand our footprint within the Bohai Economic Rim," Yanlord chief executive Zhong Sheng Jian said.
